Israel has agreed to lend China $300 million to buy Israeli water-saving agricultural technology, the ChinaDaily.com news site reports.
The technology is slated to be implemented in five provinces in Western China.
According to Finance Minister Yuval Steinitz, currently in China, the deal is expected to boost Western China’s agricultural development.
Last year, Israeli President Shimon Peres met with China’s Commerce Minister, Chen Deming, who led a trade delegation to Israel. The two officials promised to increase economic cooperation between Israel and China, which signed their first agreement on financial cooperation in 1995. Since then, 240 loan programs have been launched in China, most of which addressed the health, communication, water treatment, and education sectors.
Trade between China and Israel $7.65 billion in 2010, nearly 150 times of the volume of 1992, when the two countries established diplomatic relations.